We need only 1 big company of USA to start accepting Bitcoin

[justusranvier]

The first thing that's going to happen is Chinese exporters demanding (or offering discounts for) bitcoins instead of dollars.

Then the US importers will need to buy bitcoins, and will have an incentive to accept them from their customers.

[lucerohein]

Im seeing some new news articles from reputable agencies saying BTC can legitimately hit $37k or even $1 million.... sounds far fetched I know, but look at where it is now.... how nice would it be to have 1 BTC at 1 million..... droooool

[mprep]

Im seeing some new news articles from reputable agencies saying BTC can legitimately hit $37k or even $1 million.... sounds far fetched I know, but look at where it is now.... how nice would it be to have 1 BTC at 1 million..... droooool

Man, I would be freaking rich if that happens. However if Bitcoin doesn't become popular, as in mainstream, this is very unlikely to happen.

[Lauda]

Guys the chines are rushing on Bitcoin because Baidu started accepting it.. and gives Bitcoin HUGE exposure in china.
we only need 1 big company to start accepting Bitcoins and we can take back reins from China i'm afraid if this wont happen soon most of BTC will be in china.. ;(

https://blockchain.info/address/1NtbQKVFxAPc8mmBoWwRzhg7o3EMCBsxNg

Total Received   1.37549469 BTC

Good luck with taking back the reins from China. From the looks of Baidu's transactions, no country will be able to catch up. <sarcasm>

Baidu accepting BTC has caused it to get attention in China.
This should happen in the USA if a company that's ranked high accepts it.

[kokojie]

Im seeing some new news articles from reputable agencies saying BTC can legitimately hit $37k or even $1 million.... sounds far fetched I know, but look at where it is now.... how nice would it be to have 1 BTC at 1 million..... droooool

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

[justusranvier]

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

Why do you take it as a given that this can't happen?

[Lauda]

Im seeing some new news articles from reputable agencies saying BTC can legitimately hit $37k or even $1 million.... sounds far fetched I know, but look at where it is now.... how nice would it be to have 1 BTC at 1 million..... droooool

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

Total bitcoin cap would be 21,000,000,000,000

In 1990, total currency in circulation passed 1 trillion USD. After 12 years, in 2002 this total money supply in the world was 2 trillion USD. And just after 6 years, in 2008, this money supply increased to 4 trillion USD.

1 trillion = 1,000,000,000,000

Bitcoin can't reach $1 million, unless the dollar is losses its value by a factor of 100 or more.

[kokojie]

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

Why do you take it as a given that this can't happen?

Well I guess there is a chance, pretty much similar to the chance of I'm generating a new address that already contains 111,111 BTC

[Lauda]

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

Why do you take it as a given that this can't happen?

Well I guess there is a chance, pretty much similar to the chance of I'm generating a new address that already contains 111,111 BTC

Make a bot that keeps generating addresses. When you achieve speeds of 10,000 addresses a second you might get that one day. 

[justusranvier]

Well I guess there is a chance, pretty much similar to the chance of I'm generating a new address that already contains 111,111 BTC

They said that about the USSR too, right up until the day before it no longer existed.

[LittleD]

Lets go Ebay  Ebay will be the first to except BTC.

[Lauda]

Lets go Ebay  Ebay will be the first to except BTC.

I highly doubt that it will even be among the first.

[beetcoin]

I don't see why Google shouldn't start accepting BTC. Would make total sense to me, and it would be huge for the bitcoin economy. China is running away with it at this point.

because google is a huge multibillion dollar company, and we are not yet sure how government feels about bitcoin. it would put a huge target on their back.. why would they risk it? would the reward be enough? i don't think so.

i would think that baidu had some form of assurance from china's bureaucracy before going public. i'm sure some well-connected chinese people used the insider info to make lot and lots of money.

[Lauda]

Or if the world gets richer by a factor of 100 or more (and/or holds more in rainy-day savings by a combined factor of 100 or more).

21 million bitcoins * 1 million dollars per bitcoin / 7 billion people in the world = $3000 per person.

Even less if the world population grows.

That said, $300 per person is probably more reasonable in the medium term. That'd be "only" $100,000/BTC.

Take a look at the population of China and India, and then take a look at the GDP per capita of them, compared to the GDP per capita of the richest countries. The GDP per capita of China is 1/6 that of Europe, 1/9 that of the US, and 1/17 that of Luxembourg. The GDP per capita of India is 1/21 that of Europe, 1/34 that of the United States, and 1/70 that of Luxembourg. A bet on Bitcoin is very much a bet on China and/or India.

The world isn't getting that richer, anytime soon.

[beetcoin]

how does the world get richer anyway? isn't it just a redistribution of wealth?

[Lauda]

how does the world get richer anyway?

Better technologies and better politics, mainly. (Both of which, incidentally, are facilitated by Bitcoin itself.)

Or to put it more simply, we make stuff.

If you look at the growth from wikipedia, we aren't moving quickly.

[inform]

interest situation

[Lauda]

I meant the total amount of money.
http://en.wikipedia.org/wiki/Circulation_(currency)

[Lauda]

I meant the total amount of money.
http://en.wikipedia.org/wiki/Circulation_(currency)

1) Doubling in 6 years isn't moving quickly?
2) That seems to be a measure of M1 in a fractional-reserve world. It's not clear whether or not a bitcoin-backed world would or would not be a fractional-reserve world.

It has doubled once in 6 years, doesn't mean that it might/will do so again in the same time period.

[trumbadera]

I don't see why Google shouldn't start accepting BTC. Would make total sense to me, and it would be huge for the bitcoin economy. China is running away with it at this point.

because google is a huge multibillion dollar company, and we are not yet sure how government feels about bitcoin. it would put a huge target on their back.. why would they risk it? would the reward be enough? i don't think so.

There is no risk at all start accepting Bitcoin, If there will be laws regulating Bitcoin, google might reevaluate the situation with accepting Bitcoin